5 Ways to Save on Car Insurance

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Part 2 of our Car Blog series will help you save on the cost of car insurance. This year, a lot of people have ill thoughts towards their insurance providers as premiums hiked all over the country. People experienced surges of up to 40%, which tightened our purse strings. But insurance is necessary, so find out what we think will help you reduce the cost:

 

  1. Shop around

One of the easiest ways to save that not enough people are doing! Particularly with the spikes in premiums this year, everybody needs to set aside some time to get on the phone. You can save hundreds and hundreds by comparing policies and switching provider.

 

  1. Bundle insurance policies.

Insuring your home and auto with a single company could bring your rates down by about 10% a year.

 

  1. Take your insurer for a spin.

Many insurance companies now offer drivers a discount if you install a device that lets them monitor your driving habits. If you’re well behaved you can receive discounts of up to 30%.

 

  1. Say no to your teenager …

Unfortunately the younger you are the more you pay! A married couple can expect to pay 80% more on average for car insurance after adding a teen driver…yikes. By waiting a couple of years you can lessen this impact – 16 year olds cause the highest spike (96%) but 19-year-olds raise your premium by only 60%. Time to get the bike back out for another few years kiddo!

 

  1. Claim or not?

Filing a claim following an accident can raise your premium by an average of 41% if you are at fault. So if you’re involved in a minor collision, carefully consider whether the money you’ll get back will exceed the premium hike. It may be more cost efficient in the long run to pay out of your own pocket!